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HUD Stops Ohio Communities From Buying, Selling Foreclosed Homes.
By robertearl | April 10, 2008
Based upon an early posting, Fairfax Should Buy, Sell Foreclosed Homes - Says Chairman Connolly, this is an interesting follow-up.
“Federal authorities have stopped Ohio and Michigan communities from buying and renovating hundreds of foreclosed houses, leaving local officials stuck with - and frustrated by - neighborhood eyesores. The U.S. Department of Housing and Urban Development said in a memo dated Tuesday that it has delayed the sales because it wants to review the program, and it might clear it within a month. The government’s problem: There are more of these sales pending in Ohio and Michigan right now than there have been nationwide in the program’s five-year history. The sheer volume in Michigan and Ohio raised alarms.” (cleveland.com)
Topics: Northern Virginia Real Estate |